Gold 0430 Trading Plan
Instead of calling Gold analysis, I would use the term of trading plan or trading journal to record my trades.
So please note: This is a personal journal only, but NOT a trading suggestion. If you want to follow it please control by your own risk. I can't give you advice on risk management and money slot because we have different risk preference and strategy.
Date: 2020/04/30
Entry reason:
Gold broke the previous downtrend channel but formed a flat top-bottom consolidating area. Gold jumped from 1697 to 1714 last night due to the FMOC news, but then drop into the ranging area again.
In my chart since yesterday (you can find the related ideas below), Gold seems completed the wave (d) & wave (e) now. Even with the news, Gold doesn't show a strong bull momentum that needs to go higher than 1718 to confirm a valid break, thus I still think it's still in the ranging area, which belong to the wave (4) of the bigger cycle of (C).
I would still go short today and looking for break down in next few days. And not buy anymore since the support won't be valid for four times.
Pattern will be invalid when price breaks up to 1718
No plan, No trading
Short : 1712 SL: 1718 TP: 1692
Sell stop : 1688 : TP 1677
Confidence level: 60%
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To be updated later:
Emotion level for the trade:
Result :
Trade closed: stop reached
To be updated later:Emotion level for the trade: Calm
Result :
I got SL on this trade position. price break up the upper channel.
I didn't protect my trade after H1 trend reverse which turns the profit into a loss.
I need to be careful on the reverse signal
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